Weekly oil inventories coming up
The Columbus Day holiday stretched the timeline for this week's US energy inventory reports. Today's natural gas data boosted prices back near $6 as inventories rose 81 bcf, less than the 94 bcf expected. That sent gas to the highs of the day:
CIBC says "With LNG-related demand poised for growth and supply levels still subdued, we believe that North American natural gas prices are likely to remain quite strong through a normal winter scenario."
Next up is the US oil inventory report. The data from API yesterday showed a big slowdown at refineries that sparked a surprise boost in oil inventories but a big draw in products.
- Crude +5213K
- Gasoline -4575K
- Distillates -2707K
- Cushing -2275K
The consensus has likely shifted since then but here's how it stands:
- Crude +702K
- Gasoline -83K
- Distillates -933K
